Can Gary Wendt Work His Magic At Conseco?

He built GE Capital. But he faces a formidable challenge with the troubled holding company

From the shaded poolside of his Greenwich (Conn.) home, Gary C. Wendt launches into his view of the troubled financial-services company he has just been paid $45 million up front to rescue. He produces a one-page chart that sums up his view of Conseco Inc., a former Wall Street darling that in June pinned its survival on the former superstar of GE Capital Services Inc. One box reads: "Very nice insurance company." Another: "Very nice finance company." And a third hints at the complex challenges that Wendt, 58, now faces: "Not so very nice holding company."

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